Here is provided all the details regarding 2009-2010 Federal tax brackets. The division in which tax rates change in a progressive tax system is known as Tax brackets. These brackets are cut off values for taxable incomes. The income tax brackets are adjusted every year with the standard deductions amount and marginal rates which is based on inflation changes. Due to this reason, there are more than 3 dozen advantages which are affecting every tax payer.
The value of Personal and Dependency is increased by $150 (from $3500 to $3650), so it is a good news for all tax payers. All groups have an increased standard deduction. There is no matter if you file as married filing jointly, filing as a single married, filing separately, or head of household. Your filing head of household is gone up by $350.
If you fall into the married couple and filing a joint return group, the taxable income threshold for separating the 15 percent bracket from the 25 percent bracket is $2,800 higher. The tax credit has gone up if you have more than two children in your family. Your eligibility is determined by the amount of money which you have earned. The new limit is approximately $2,000 higher. If you want to check your filing status, how much money you made, and what type of deduction you will get then click here.
2009-2010 Federal Income Tax Brackets:
|$16,700 and under||If you are in this income bracket, then you will be taxed at about 10%.|
|$16,700-$67,900||This income bracket will be taxed at around 15%.|
|$67,900-$137,050||This middle class income will be taxed at about 25%.|
|$137,050-$208,850||The tax rate for this bracket will increase to 28%.|
|$208,850-$372,950||The tax rate for this higher income level will be about 33%|
|above $372,950||You will be taxed at 35%|
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